PRECIOUS METALS: BETWEEN THE EUPHORIA OF A BULLISH CONSENSUS AND THE RISKS OF A CORRECTION 2/2

The current, near-unanimous bullish consensus, particularly following the exceptional price surges in gold and silver, introduces a significant risk of market complacency. While core fundamentals (de-dollarization, central bank buying) remain solid, it is essential to assess the fair theoretical valuation and identify scenarios that could swiftly invalidate the prevailing narrative and trigger a substantial short-term price correction. The consensus itself, especially after such a massive acceleration, may be the most prominent risk factor at current high levels.